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Internal Finance And Investment
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Book Synopsis Internal Finance and Investment by : R. Glenn Hubbard
Download or read book Internal Finance and Investment written by R. Glenn Hubbard and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent theoretical approaches have linked shifts in firms' internal funds and investment spending, holding constant underlying investment opportunities. An important impediment to convincing tests of these models is the lack of firm-level data on the relative costs of internal and external funds. We use a tax experiment, the Surtax on Undistributed Profits (SUP) in the 1930s, to identify firms' relative cost of internal and external funds and analyze its effect on firms' investment decisions. Finns' responses to the surtax on retained earnings permit estimation of shadow price differentials between internal and external finance, and measurement of the link between access to capital markets and investment. Almost one-fourth of the 273 publicly-traded manufacturing firms in our sample retained in excess of 40 percent of their earnings in spite of the surtax, paying the highest marginal rates of surtax. The investment spending of these firms was sensitive to shifts in cash flow, holding constant investment opportunities (measured by the ratio of market-to-book value). No sensitivity of investment to internal funds could be detected for firms with higher dividend payout and lower surtax liability. In addition, many firms with high marginal rates of surtax were in the growth industries of the day. The sensitivity of investment spending to internal funds for firms with high marginal surtax rates appears mainly to reflect information-related capital-market frictions as opposed to the waste of corporate cash flows by entrenched managers.
Book Synopsis Internal Finance and Investment by : Cherian Samuel
Download or read book Internal Finance and Investment written by Cherian Samuel and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Asymmetric Information, Corporate Finance, and Investment by : R. Glenn Hubbard
Download or read book Asymmetric Information, Corporate Finance, and Investment written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 2009-05-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Book Synopsis INTERNAL FINANCE AND INVESTMENT: EVIDENCE FROM THE UNDISTRIBUTED PROFITS TAZ OF 1936-1937 by : Charles W. CALOMIRIS
Download or read book INTERNAL FINANCE AND INVESTMENT: EVIDENCE FROM THE UNDISTRIBUTED PROFITS TAZ OF 1936-1937 written by Charles W. CALOMIRIS and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Investment and the Real Exchange Rate by : Mai Chi Dao
Download or read book Corporate Investment and the Real Exchange Rate written by Mai Chi Dao and published by International Monetary Fund. This book was released on 2017-08-04 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that depreciations boost profits, investment, and sales of firms that are more financially-constrained and have higher labor shares. These findings are consistent with the view that depreciations boost internal financing opportunities by reducing real wages, thereby spurring investment. We show that these effects on firm performance are enduring, including in the market valuation of firms.
Book Synopsis Financial Market Constraints and Private Investment in a Developing Country by : Mr.Omotunde E. G. Johnson
Download or read book Financial Market Constraints and Private Investment in a Developing Country written by Mr.Omotunde E. G. Johnson and published by International Monetary Fund. This book was released on 1990-12-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms in developing countries that seek outside financing for investment must often choose their debt-equity combinations in the face of financial market constraints on debt service, on outside equity financing, and on internal finance (endowments). Inefficiencies in the allocation of available finance and in the equity-debt choices that can ensue can be prevented by appropriate policy measures to improve information on profitable investment opportunities and about firms; to directly strengthen financial intermediation; and to support appropriate credit guarantee schemes.
Book Synopsis Internal Finance and Investment by : Kamel Naoui
Download or read book Internal Finance and Investment written by Kamel Naoui and published by . This book was released on 2008 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the investment-cash-flow sensitivity in a sample of 150 American firms over the period 1995-2004. Investment-cash-flow sensitivities can be attributed either to overinvestment resulting from the abuse of managerial discretion (Jensen [1986] and Stulz [1990]), or to underinvestment due to information problems (Myers et Majluf [1984]). We use Tobin's Q to discriminate between firms with these problems, where low Q firms face the managerial discretion problem and high Q firms the asymmetric information problem. Similarly to Degryse et De Jong [2006], we had found evidence which highlights substantially larger investment-cash-flow sensitivity for low Q firms. This finding shows that our empirical test provides support for managerial discretion hypothesis.
Book Synopsis Essays on the Relationship Between Investment and Internal Finance by : Charles Patrick Himmelberg
Download or read book Essays on the Relationship Between Investment and Internal Finance written by Charles Patrick Himmelberg and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Book Synopsis Internal Finance and Corporate Investment by : Shady Kholdy
Download or read book Internal Finance and Corporate Investment written by Shady Kholdy and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines Pecking Order/Free Cash Flow behavior in small ($25-$50 million), medium ($100-$250 million), and large ($1000 million and over) firms. The purpose is to proffer an explanation for the important role of cash flow on the investment expenditure of firms that is more complete than the commonly given accounts. The Pecking order theory (PO) emphasizes the value-enhancing influence of cash flow, while the free cash flow hypothesis (FCF) underscores its value-destroying effect. Using the vector error correction model, we find that although the overall behavior of small firms support the pecking order theory, the cash flow of these firms does not have any causal effect on their investment. We further find evidence of free cash flow theory in large firms.
Book Synopsis Internal Finance and Investment by : Stephen Oliner
Download or read book Internal Finance and Investment written by Stephen Oliner and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Does Financial Pressure Affect Firms? by : Stephen Nickell
Download or read book How Does Financial Pressure Affect Firms? written by Stephen Nickell and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Investment and Financial Decisions by : Haim Levy
Download or read book Capital Investment and Financial Decisions written by Haim Levy and published by Pearson Education. This book was released on 1994 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt: A substantial revision of a bestseller by two prominent authors, this book focuses on the practical application of the modern theory of finance to realistic corporate decisions, with an emphasis on the allocation of a firm's long-term capital resources. Includes new chapters on short term working capital management and new examples throughout.
Book Synopsis Internal Financing In The Corporate Sector: An Indian Experience by : Jagannath Panda
Download or read book Internal Financing In The Corporate Sector: An Indian Experience written by Jagannath Panda and published by Kanishka Publishers. This book was released on 1993 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Financial Statement Analysis by : Thomas R. Robinson
Download or read book International Financial Statement Analysis written by Thomas R. Robinson and published by John Wiley & Sons. This book was released on 2015-01-30 with total page 1064 pages. Available in PDF, EPUB and Kindle. Book excerpt: Better analysis for more accurate international financial valuation International Financial Statement Analysis provides the most up-to-date detail for the successful assessment of company performance and financial position regardless of country of origin. The seasoned experts at the CFA Institute offer readers a rich, clear reference, covering all aspects from financial reporting mechanics and standards to understanding income and balance sheets. Comprehensive guidance toward effective analysis techniques helps readers make real-world use of the knowledge presented, with this new third edition containing the most current standards and methods for the post-crisis world. Coverage includes the complete statement analysis process, plus information on income tax accounting, employee compensation, and the impact of foreign exchange rates on the statements of multinational corporations. Financial statement analysis gives investment professionals important insights into the true financial condition of a company. With it, realistic valuations can be made for investment, lending, or merger and acquisition purposes. The process is becoming increasingly complex, but this book helps readers deal with the practical challenges that arise at the international level. Understand the accounting mechanics behind financial reporting Discover the differences between statements from around the world Learn how each financial statement element affects securities valuation Master analysis for clues into operations and risk characteristics Amid an uncertain global economic climate, in today's volatile international markets, the ability to effectively evaluate financial statements is a critical skill. Standards and conditions are continuously evolving, and investment professionals need a strong, up-to-date resource for the latest rules and best practices. International Financial Statement Analysis provides this and more, with clarity and expert advice.
Book Synopsis The Investment Decision by : Cherian Samuel
Download or read book The Investment Decision written by Cherian Samuel and published by World Bank Publications. This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Financial Decisions by : Sune Carlson
Download or read book International Financial Decisions written by Sune Carlson and published by North Holland. This book was released on 1969 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study in economic theory of decision making in respect of financial aspects operations in multinational enterprises - covers behavioural and environmental aspects of entrepreneurship, profit, the supply of long term capital, banking, international credit, obstacles to foreign investment (incl. Foreign exchange, taxation, inflation, nationalization, etc.), etc. EC, World Bank, IDB, IMF, OECD and UN mentioned and references.
